By timothy from Slashdot's they-make-tracking-you-less-convenient department
HughPickens.com writes: The NYT has an interesting editorial on why getting rid of big bills will make it harder for criminals to do business and make it easier for law enforcement to detect illicit activity. That's why officials in Europe and elsewhere are proposing to end the printing of high-denomination bills. According to a recent paper from Harvard's John F. Kennedy School of Government, a stack of 500-euro notes worth $1 million weighs just five pounds and can be carried in a small bag, whereas a pile of $20 bills worth $1 million would weigh 110 pounds and would be much more difficult to move around. Lawrence Summers, the former Treasury secretary and former adviser to President Obama, has argued that the United States should get rid of the $100 bill. "The fact that in certain circles the 500 euro note is known as the "Bin Laden" confirms the arguments against it," says Sanders. "Technology is obviating whatever need there may ever have been for high denomination notes in legal commerce."
Critics who oppose such changes say the big bills make it easier for people to keep their savings in cash, especially in countries with negative interest rates. Some people also prefer not to conduct transactions electronically because they fear security breaches. According to Sanders the idea of removing existing notes is a step too far but a moratorium on printing new high denomination notes would make the world a better place. "The United States stopped distributing $500, $1,000, $5,000 and $10,000 bills in 1969," concludes the NYT editorial. "There are now so many ways to pay for things, and eliminating big bills should create few problems."Read Replies (0)
By timothy from Slashdot's u-really-know-kids department
itwbennett writes: Researcher Chris Vickery discovered that the Arlington, Virginia based child monitoring service uKnowKids.com had a misconfigured MongoDB installation that left sensitive details on over 1,700 children exposed for months. UKnowKids helps parents monitor their child's activities online, by watching their mobile communications, social media activities, and their location. And so the database stored 6.8 million private text messages, 1.8 million images (many depicting children), Facebook, Twitter, and Instagram account details, in addition to the children's full names, email addresses, GPS coordinates, date of birth.Read Replies (0)